Mylan, a global pharmaceutical company committed to setting new standards in health care, has entered into a definitive agreement with Biocon Limited for an exclusive strategic collaboration on the development and commercialisation of generic versions of three insulin analogue products.

Under the terms of this collaboration, Mylan will have the rights to develop and market Biocon's Glargine (the generic version of Sanofi's Lantus), Lispro (the generic version of Eli Lilly and Company's Humalog) and Aspart (the generic version of Novo Nordisk's NovoLog). Mylan and Biocon will share development, capital and certain other costs to bring the products to market.

Mylan will have exclusive commercialization rights in the US, Canada, Australia, New Zealand, the European Union and the European Free Trade Association countries through a profit-share arrangement with Biocon. Mylan will have co-exclusive commercialisation rights with Biocon in certain other markets around the world. All other transaction terms remain confidential.

According to public filings, reported worldwide net sales of Lantus, Humalog and NovoLog for 2012 were approximately $11.5 billion.

Heather Bresch, CEO, Mylan said, "This collaboration builds off of our existing successful partnership for generic biologics with Biocon and brings Mylan a portfolio of high-value insulin analog products. This collaboration further expands and diversifies our pipeline of complex, difficult-to-manufacture products with strong future growth potential. Importantly, we believe we have the opportunity to be one of the first generic entrants in developed markets into the rapidly growing diabetes area, helping to address unmet needs and reduce the economic burden to those battling the disease and to the global healthcare system."

Kiran Mazumdar-Shaw, Biocon's Chairman & Managing Director, said, "Mylan is a natural preferred partner for our portfolio of generic insulin analogues and this collaboration only further strengthens our existing successful partnership. We are excited to team up with Mylan to be able to cost effectively address the disease and economic burden that diabetes poses to global health. We are confident that together we can build a strong global presence in generic insulin analogs and provide access to affordable therapy options to physicians, healthcare providers and diabetes patients worldwide."